DeLong seems to be ignoring the fact that Obama packed his administration with republican retreads (the same ones who caused this mess) and preemptively capitulated every opportunity he got. The enthusiasm in 2008 was caused by the hope for real change. By 2010, it was pretty obvious that we had been sold out and it would be business as usual. Perhaps if the DNC wanted us to vote democratic in 2012, they should have run a democrat.
The lesser of two evils is still evil. Voting for bottom feeders or bottom ballots or whatever he called them just supporting the LOTE system. They want support, they need to deliver. They failed the voters. We didn't fail them.